Korean Crypto Market is ‘Pretty Dead’, Says Primitive Ventures Founder

[dul48]

Korean traders have thrown in the towel, with crypto trading volumes visibly lower over the last few months. The Kimchi premium is now completely gone, and the slower volumes have wiped out the markets for multiple altcoins.
https://bitcoinist.com/korean-crypto-market-is-pretty-dead-says-primitive-ventures-founder/

[gentlemand]

Everywhere's dead.

But South Korea was probably the silliest crypto market of all by a long way so I'm not surprised they proved to be the weakest and most fickle traders. Anywhere that had Bitcoin Gold volumes 20x higher than real Bitcoin is clearly a land of fools.

In 2013 it was China that was the dumbest market. In 2017 it was S Korea. I wonder where it'll be next time.

[GreenStox]

You should know that in this world nothing will last forever so you better be careful when you want to save assets in the form of cryptocurrency and as much as possible do not store it too long, after you can get profits immediately make a withdrawal of profits.

[Darker45]

Korean traders have thrown in the towel, with crypto trading volumes visibly lower over the last few months. The Kimchi premium is now completely gone, and the slower volumes have wiped out the markets for multiple altcoins.
https://bitcoinist.com/korean-crypto-market-is-pretty-dead-says-primitive-ventures-founder/

It is not only in South Korea where this "crypto fatigue" can be observed. I think it is found all over the world. For instance, I agree with the article that what used to be crypto chats have transformed into something else due to the poor market performance of most coins. I've joined a lot of crypto-focused group chats before and most of them now are either dead, or have become a target of spams, or have transformed into a free-for-all GC where the mere mention of crypto has become a toxicity.

It is also true that one of the reasons could be the "loss of hope that another “altcoin season” could be in the making." I've observed in the past that much of the crypto noise that brought forth an upbeat crypto community was coming from die-hard supporters of altcoins. While they may be annoying at times, it made the community alive.

[hello_good_sir]

Don't think they are dead at all to be honest - we've seen last year how much potential the market has, with examples like exchanges (probit being a decent one) and other ICO's and IEO's that where all based in Korea.

We also saw how the country was looking into developing their own crypto-currency tied to their own dollar and it was apparently coming along very close. It doesn't seem possible a country like this would be classified as "pretty dead".

I think it's more of a world-wide thing, where it's almost like everyone in the world is getting a bit tired of crypto-currencies and the market showcase this. Very little activity compared to before.

[CryptoBry]

Korean traders have thrown in the towel, with crypto trading volumes visibly lower over the last few months. The Kimchi premium is now completely gone, and the slower volumes have wiped out the markets for multiple altcoins.

In the past two months, I have been wondering what happened to the very popular phrase "to the moon" and I think I now know why people seem to be tired of it literally and figuratively. There is a great fatigue enveloping the market today and I am sure this is not limited to South Korea soon this can be happening everywhere. We are all tired of waiting, of holding and staying hopeful for the next altcoin season and the bull run. I am alarmed of this trend because I know if this can spread everywhere then even the scheduled halving may not be enough to revive the market. Are we now heading to nowhere?

[elda34b]

Are we now heading to nowhere?

Nobody knows.

Btw, those who got wealthy from an investment have some patience and strategy. Just saying.

You won't profit from the 2017 pump if you exit early when the bear took control in 2013ish or so.

[GreatArkansas]

And I also noticed most of the crypto projects that are based from South Korea are already sinking and some are already dead. About some korean exchange, OP is right, volume is really suffering now.
And for sure it is because of the bear market, once the bear market ends, for sure every country will improve the trading volumes not only in South Korea.

[Clement Kaliyar]

It is not only in South Korea where this "crypto fatigue" can be observed. I think it is found all over the world.

There is an economic slow down all over the world and it is reflecting in the market, even for any institution or an individual to invest money they should have the funds but things are slowing down as the global economic trend is showing its weakness. I do not know whether these Korean exchanges used to represent the real trading volume and with regulations they might be forced to show the real volume and hence they came to the reality that it is not that was represented earlier, i am just speculating other than that i do not see anything.

 

In 2013 it was China that was the dumbest market. In 2017 it was S Korea. I wonder where it'll be next time.

The volumes were fake from those Chinese exchanges.

[Upgate]

Isn't it ironic how the reasoning that Korean cryptocurrency market is over board when those who claims it is name is primitive ventures.
How can you tag cryptocurrency dead because of some few hiccups its unacceptable

[Lucius]

What to expect at times when the price drops in a few minutes by $500 or in a few hours by $1000+? There are people who turn such situations to their advantage, but they are still a minority - most do not trade but adhere to the simplest philosophy to HOLD and waiting for better times.

South Korea is a specific country, living in it is quite expensive and it is very difficult for young people to buy their own real estate or car. Given that this country is very technologically advanced and education is at a very high level, many young people saw their opportunity in starting different jobs related to cryptocurrency.

For those interested in exactly what is happening in South Korea, I suggest taking some time to watch this video.

Korea’s Rising Crypto Generation

[blckhawk]

Korean traders have thrown in the towel, with crypto trading volumes visibly lower over the last few months. The Kimchi premium is now completely gone, and the slower volumes have wiped out the markets for multiple altcoins.
https://bitcoinist.com/korean-crypto-market-is-pretty-dead-says-primitive-ventures-founder/

Altcoins tend to crash to death because primarily, they're worth cannot be stated. Considering the market for altcoins is crowded, and most of these so called coins offer nothing of real value to be holded by investors, makes them prone to irrecoverable death. Their basically useless in the sense, but not all of them. ETH and other top altcoins still has something in them. Just don't expect altcoins to continue to grow or even surpass bitcoin in the next few years because it's highly unlikely to happen.